US poultry processor Pilgrim’s Pride has said it is expecting a better fourth quarter compared to the year-ago period, helped by higher chicken prices and government compensation payments.
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“Over the last few months chicken prices have increased margin levels. We expect lower domestic supplies in the market place will continue to favourably impact our bottom line,” O.B. Goolsby, president and chief operating officer, was quoted by Reuters as saying.
Company officials forecast fourth-quarter earnings of between 10 and 20 cents a share, compared to a loss of 8 cents a share in the previous fourth quarter. The company forecast full-year earnings of 85 to 95 cents a share.
Around ten cents of the fourth-quarter profit will be from expected government compensation payments related to a 2002 outbreak of avian flu in Virginia.
The company is expecting to complete its purchase of the chicken operations of ConAgra Foods in the third calendar quarter of 2003.
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